MANILA -- Security Bank on Friday said its net income in the first half of 2023 dropped to P4.9 billion, from P6.2 billion in the same period in 2022.

The bank told the Philippine Stock Exchange that operating expenses were 16 percent higher during the period on the back of investments in manpower and technology.

The lender said growth was driven by growth in core businesses, increase in quarterly net interest margin, and normalized credit provisions.

Net interest income increased 9 percent year-on-year to P15.7 billion. Service charges, fees and commissions went up 7 percent to P2.8 billion.

The bank said net loans stood at P485 billion. Security Bank noted that home loans grew by 15 percent, credit card loans by 33 percent, and car loans by 13 percent.

Loans from small and medium enterprises also grew by 62 percent.

The bank said total deposits stood at P525 billion as of June. Total assets, meanwhile, increased to P796 billion, up 4 percent year-on-year.

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